Global market size for tire material forecast to be $91.2 billion by 2022

Dublin, Ireland – The global market size for tire material was $73.93 billion in 2017, and is projected to reach $91.23 billion by 2022, at a CAGR of 4.3 percent between 2017 and 2022, according to ResearchandMarkets.com. The increasing sales of vehicles and demand for low rolling resistance tires are the most significant factors projected to drive the growth of the tire material market. The elastomers segment accounted for the largest share of the tire material market as compared to other materials in 2016, in terms of volume. Elastomers include natural rubber and synthetic rubber. Different companies are engaged in research and development activities to develop eco-friendly elastomer materials for use in tire production.

Growth in vehicle use is expected to boost the demand for elastomers during the forecast period. The passenger cars segment is expected to be the fastest growing segment of the tire material market, in terms of both value and volume. The market for passenger cars is majorly driven by the increasing population, and the ability to purchase cars due to the growing per capita income. Various banking schemes and subsidies provided by governments on vehicle purchase are also expected to increase car sales, globally. China is expected to be the largest and the fastest growing market for tire material in APAC, as well as globally. The presence of a large number of vehicle manufacturers, cheap labor and easy availability of raw material is the key factor projected to drive the growth of the tire material market in China.